Swisstronik launches testnet, announces $70k bug bounty

Swisstronik, a legal compliance, data privacy, and interoperability-oriented layer-1 network, has released its testnet 1.0 and a $70K bug bounty program per a recent press release.

The platform aims to drive real-world adoption of blockchain technology by providing a reliable, user-friendly, and secure network that tackles the challenges related to legal compliance, data privacy, and interoperability without the need for legal consultation.

Swisstronik launches testnet 1.0

The testnet allows developers to build applications with robust encryption and enterprise-grade transaction security while maintaining privacy.

The testnet launch is timely since interest in networks capable of high privacy and regulatory compliance is rising. Conventional privacy solutions often emphasize anonymity, which sometimes conflicts with the regulatory requirements of some regions.

With the current focus on central bank digital currencies (CBDCs) and tightened regulatory expectations on the crypto space, the crypto industry requires a compliant yet privacy-preserving and decentralized alternative. This is a gap that Swisstronik aims to fill with its identity-based blockchain platform.

The platform is powered by Swisstronik’s Compliance Suite. 

The Compliance Suite is a self-regulating network of local data verifiers and compliance partners that are streamlining compliance management in a cost-effective, seamless, and user-friendly manner, ensuring privacy and safety for all users.

With the use of fully encrypted Intel SGX enclaves, Swisstronik nodes cannot access the details of any transaction within the network, which provides a protective layer, safeguarding each transaction from prying eyes.

In the near future, Swisstronik plans to enhance its privacy and security capabilities by incorporating zk-SNARKs which would allow parties to verify information without revealing it.

Future versions of the Swisstronik testnet would also implement the Inter-Blockchain Communication (IBC) protocol to further enhance interoperability among Cosmos-based blockchains.

$70k bug bounty

To ensure the integrity of its testnet and gain the confidence of the crypto community, Swisstronik has also announced the commencement of its first Bug Bounty campaign, featuring a $70k reward fund for anyone who can identify critical bugs in the project. 

The campaign will run until Sep. 15, 2023, during which any identified bugs will be rectified before the launch of Swisstronik Testnet 2.0 in the autumn.